1989 - 2018 29 years in business Thursday, 19th April 2018

Swiss Federal Council Adopts Anti-Money Laundering Ordinance


Dear Clients, 
 

Switzerland’s new Anti-Money Laundering Ordinance will enter into force on January 1, 2016, now that it has been signed off on by the Federal Council.
 

The AMLO amends the Anti-Money Laundering Act (AMLA) and will introduce new due diligence obligations and reporting duties for traders. These requirements will be applicable when traders accept cash payments of more than CHF100,000 (USD99,305) in the course of trading activities.
 

In addition, the existing Federal Council Ordinance on the Professional Practice of Financial Intermediation (PFIO) will be transposed into the AMLO. New legal provisions relating to the reporting system for financial intermediaries will be implemented through amendments to the Ordinance on the Money Laundering Reporting Office Switzerland (MROSO). Finally, ecclesiastical foundations will be placed on the commercial register.
 

Should you require any further clarification, please do not hesitate to contact us at:
info@cardwell-capital.com

 

Kind Regards

Cardwell Advisory Desk
 

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